$1.2055-$1.2064 Provides..........>

EURO-DOLLAR TECHS: $1.2055-$1.2064 Provides Initial Resistance Now

*RES 4: $1.2139 Apr 30 high

*RES 3: $1.2106 Apr 30 hourly recovery high

*RES 2: $1.2085 Apr 30 hourly recovery highs

*RES 1: $1.2055/64 Apr 27, Apr 30 lows

*PRICE: $1.2011 @1710GMT 

*SUP 1: $1.1981/90 I'day low, 1.618 proj'n target from $1.2415

*SUP 2: $1.1954/61 1.618 swing $1.2155-$1.2477, Nov 27 high  

*SUP 3: $1.1948 2% volatility band

*SUP 4: $1.1937 61.8% Fibo of $1.1554-$1.2556

*COMMENTARY* Friday saw the 50% Fibo retrace level at $1.2055 offer some support

to the decline from the Apr 17 high at $1.2415. The subsequent bounce reached

$1.2139 but without any real conviction and once again the downside is back

under pressure. $1.2055 has given way today and the lower edge of 

$1.2029-$1.1990 has been put under pressure. Clearly below and $1.1954-$1.1937

next. Nearest resistance now $1.2055-$1.2064 with $1.2085-$1.2106 above.